Answered: rtners Angela and Gabriel received a…

rtners Angela and Gabriel received a salary allowance of P30,000 and P70,000, respectively, and agreed to share the y earned P40,000 during the period, how will the profit be distributed:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Instructions: Do not use comma and peso sign (i.e. if your answer is P200,500, encode it as 200500)
Problem: Partners Angela and Gabriel received a salary allowance of P30,000 and P70,000, respectively, and agreed to share the remainder of the profit equally. If the
company earned P40,000 during the period, how will the profit be distributed:
1. Angela
2. Gabriel
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